An informational seminar on the UK’s proposed Criminal Finance Bill attracted more than 100 attendees as Cayman Finance CEO Jude Scott warned that the bill could have significant implications on the Cayman Islands as a jurisdiction.
The seminar was hosted by Cayman Finance, in conjunction with the Ministry of Financial Services, Commerce and Environment and the UK’s HM Revenue & Customs.
The seminar was opened by Her Excellency the Governor, Helen Kilpatrick, and featured speakers Jude Scott, Cayman Finance CEO, Dax Basdeo, Chief Officer the Ministry of Financial Services, Commerce and Environment and Nicholas Warrington, Assistant Director, Economic and Policy Advisor HMRC and Jennifer Haslett, Corporate Crime and International Engagement Lead HMRC.
Scott warned: “If the proposed UK Criminal Finances Bill is passed, it could have significant implications on the Cayman Islands as a jurisdiction and on businesses within the local financial services industry.
“Cayman Finance therefore saw the importance to provide a platform for information sharing and open discussion between HMRC and our local financial services industry.”
Special guests from the UK’s HM Revenue & Customs offshore evasion team included Nicholas Warrington, Assistant Director, Economic and Policy Advisor and Jennifer Haslett, Corporate Crime and International Engagement Lead who presented on HMRC’s approach to tackling offshore tax evasion.
Kilpatrick said that while there has been some discussion of the bill in the international media, this seminar provided local industry stakeholders, both in the private and public sectors, an invaluable opportunity to learn about the Bill first hand from the UK HM Revenue & Customs team leading the legislation.
“This seminar also provides us with a chance for our industry stakeholders to highlight key attributes of our financial services industry to HMRC that they may not be familiar with,” she said.
UK, Criminal Finance Bill, Cayman Finance, Cayman Islands
